Objective [2.9]
A.
Given this simple interest (linear growth of money) model
Match the symbol in the functional notation with its meaning.
True or False
if unspecified the interest rate is annual
B.
You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to finance $77,000 and bank will charge 8%. How much interest will you pay if you needed the loan for 10 months?
Interest =$ (nearest $1)
C.
Your friend needs a loan of $4,000 for 8 months. You tell him for the simple interest loan service he needs to pay you back $4,146.67. What is the simple interest rate on your friendly loan?
Interest Rate= %
A.
Given this simple interest (linear growth of money) model
Match the symbol in the functional notation with its meaning.
True or False
if unspecified the interest rate is annual
B.
You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to finance $77,000 and bank will charge 8%. How much interest will you pay if you needed the loan for 10 months?
Interest =$ (nearest $1)
C.
Your friend needs a loan of $4,000 for 8 months. You tell him for the simple interest loan service he needs to pay you back $4,146.67. What is the simple interest rate on your friendly loan?
Interest Rate= %